82 FR 42200 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish a Booth Space Fee for the BOX Trading Floor
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 171 (September 6, 2017)
Federal Register Volume 82, Issue 171 (September 6, 2017)
| Page Range | 42200-42201 | |
| FR Document | 2017-18800 |
[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)] [Notices] [Pages 42200-42201] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-18800] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81506; File No. SR-BOX-2017-29] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish a Booth Space Fee for the BOX Trading Floor August 30, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on August 22, 2017, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend the Fee Schedule to establish a booth space fee for the BOX open-outcry Trading Floor. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule for trading on BOX to establish a booth space fee for the BOX open-outcry Trading Floor (``Trading Floor''). Specifically, the Exchange proposes to establish a Trading Floor Booth Space Fee of $1,500 per month. The Exchange also proposes to specify that current Trading Floor Permit fees for both Floor Market Makers and Floor Brokers entitle the Participant to one booth space along with the three registered permits. The Exchange expects the booth space to be used by Floor Participants to perform various functions in support of floor based trading activities on the Exchange. As such, Floor Participants who need more booth space will be required to pay an additional Trading Floor Booth Space Fee of $1,500 per month. The Trading Floor Booth Space will be used for a Floor Participant's workstation on the BOX Trading Floor. The Exchange notes that all booth spaces will be uniform, identical in size and will contain an equal number of electrical outlets and data ports. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, in general, and Section 6(b)(4) and 6(b)(5)of the Act,\5\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among BOX Participants and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed booth space fee is reasonable as it is in line with a similar fee charged at another exchange with a physical trading floor.\6\ Further, the Exchange believes that the proposed booth space fee is equitable and not unfairly discriminatory because it applies to Trading Floor Participants uniformly. Further, the booth space fee provides for equitable allocation of reasonable fees among Floor Participants by requiring Participants that need more space to pay more, instead of raising the fees for all Participants, including those that may not need additional space. Lastly, the Exchange believes that the proposed change will further the goal in providing more space to Floor Participants that may need it without charging all Participants. --------------------------------------------------------------------------- \6\ See Chicago Board Options Exchange, Incorporated (``CBOE'') Fee Schedule. CBOE charges a $1,250 per month fee for a Non-Standard Booth Rental plus $1.70 per square foot, determined based on the size of the booth. At CBOE, the term ``non-standard booth'' generally refers to space on the trading floor on the Exchange that is set off from a trading crowd, which may be rented for whatever support, office, back-office, or any other business-related activities for which CBOE members may choose to use. The Exchange notes that the ``non-standard booth'' at CBOE is similar to the proposed Trading Floor Booth discussed herein, as the booth space is a general space on the trading floor. See Securities Exchange Release No. 78741 (August 31, 2017), 81 FR 61727 (SR-CBOE-2016-063). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule changes will impose any burden on intramarket competition because the proposed change applies to both Floor Market Makers and Floor Brokers. Further, the Exchange does not believe that the proposed rule change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the change applies to fees that affect BOX only, and not other exchanges. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. [[Page 42201]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act \7\ and Rule 19b-4(f)(2) thereunder,\8\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(ii). \8\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BOX-2017-29 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BOX-2017-29. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2017-29, and should be submitted on or before September 27, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-18800 Filed 9-5-17; 8:45 am] BILLING CODE 8011-01-P
![42200 Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices
9:15 a.m., in the Auditorium, Room L– to amend the Fee Schedule to establish it provides for the equitable allocation
002. a booth space fee for the BOX open- of reasonable dues, fees, and other
The event is scheduled to include outcry Trading Floor. The text of the charges among BOX Participants and
welcome remarks by SEC Commissioner proposed rule change is available from other persons using its facilities and
Michael Piwowar, concluding remarks the principal office of the Exchange, at does not unfairly discriminate between
by SEC Commissioner Kara Stein and the Commission’s Public Reference customers, issuers, brokers or dealers.
panel discussions that Commissioners Room and also on the Exchange’s The Exchange believes that the
may attend. The panel discussions will Internet Web site at http:// proposed booth space fee is reasonable
explore market impacts from the growth boxexchange.com. as it is in line with a similar fee charged
in ETPs, potential implications for at another exchange with a physical
investors who hold ETPs, and where the II. Self-Regulatory Organization’s trading floor.6 Further, the Exchange
ETP market is headed. This Sunshine Statement of the Purpose of, and believes that the proposed booth space
Act notice is being issued because a Statutory Basis for, the Proposed Rule fee is equitable and not unfairly
majority of the Commission may attend Change discriminatory because it applies to
the meeting. In its filing with the Commission, the Trading Floor Participants uniformly.
For further information, please Exchange included statements Further, the booth space fee provides for
contact Brent J. Fields from the Office of concerning the purpose of and basis for equitable allocation of reasonable fees
the Secretary at (202) 551–5400. the proposed rule change and discussed among Floor Participants by requiring
Dated: August 31, 2017. any comments it received on the Participants that need more space to pay
Brent J. Fields,
proposed rule change. The text of these more, instead of raising the fees for all
statements may be examined at the Participants, including those that may
Secretary.
places specified in Item IV below. The not need additional space. Lastly, the
[FR Doc. 2017–18933 Filed 9–1–17; 11:15 am]
Exchange has prepared summaries, set Exchange believes that the proposed
BILLING CODE 8011–01–P forth in Sections A, B, and C below, of change will further the goal in providing
the most significant aspects of such more space to Floor Participants that
statements. may need it without charging all
SECURITIES AND EXCHANGE
COMMISSION A. Self-Regulatory Organization’s Participants.
Statement of the Purpose of, and B. Self-Regulatory Organization’s
[Release No. 34–81506; File No. SR–BOX–
2017–29] Statutory Basis for, the Proposed Rule Statement on Burden on Competition
Change The Exchange does not believe that
Self-Regulatory Organizations; BOX 1. Purpose the proposed rule change will impose
Options Exchange LLC; Notice of any burden on competition not
Filing and Immediate Effectiveness of The Exchange proposes to amend the
Fee Schedule for trading on BOX to necessary or appropriate in furtherance
a Proposed Rule Change To Amend of the purposes of the Act. The
the Fee Schedule To Establish a Booth establish a booth space fee for the BOX
open-outcry Trading Floor (‘‘Trading Exchange does not believe that the
Space Fee for the BOX Trading Floor proposed rule changes will impose any
Floor’’). Specifically, the Exchange
August 30, 2017. proposes to establish a Trading Floor burden on intramarket competition
Pursuant to Section 19(b)(1) of the Booth Space Fee of $1,500 per month. because the proposed change applies to
Securities Exchange Act of 1934 (the The Exchange also proposes to specify both Floor Market Makers and Floor
‘‘Act’’),1 and Rule 19b–4 thereunder,2 that current Trading Floor Permit fees Brokers. Further, the Exchange does not
notice is hereby given that on August for both Floor Market Makers and Floor believe that the proposed rule change
22, 2017, BOX Options Exchange LLC Brokers entitle the Participant to one will impose any burden on intermarket
(the ‘‘Exchange’’) filed with the booth space along with the three competition that is not necessary or
Securities and Exchange Commission registered permits. The Exchange appropriate in furtherance of the
(‘‘Commission’’) the proposed rule expects the booth space to be used by purposes of the Act because the change
change as described in Items I, II, and Floor Participants to perform various applies to fees that affect BOX only, and
III below, which Items have been functions in support of floor based not other exchanges.
prepared by the Exchange. The trading activities on the Exchange. As C. Self-Regulatory Organization’s
Exchange filed the proposed rule change such, Floor Participants who need more Statement on Comments on the
pursuant to Section 19(b)(3)(A)(ii) of the booth space will be required to pay an Proposed Rule Change Received From
Act,3 and Rule 19b–4(f)(2) thereunder,4 additional Trading Floor Booth Space Members, Participants, or Others
which renders the proposal effective Fee of $1,500 per month. The Trading
Floor Booth Space will be used for a No written comments were either
upon filing with the Commission. The
Floor Participant’s workstation on the solicited or received.
Commission is publishing this notice to
solicit comments on the proposed rule BOX Trading Floor. The Exchange notes 6 See Chicago Board Options Exchange,
change from interested persons. that all booth spaces will be uniform, Incorporated (‘‘CBOE’’) Fee Schedule. CBOE
identical in size and will contain an charges a $1,250 per month fee for a Non-Standard
I. Self-Regulatory Organization’s equal number of electrical outlets and Booth Rental plus $1.70 per square foot, determined
Statement of the Terms of the Substance data ports. based on the size of the booth. At CBOE, the term
asabaliauskas on DSKBBXCHB2PROD with NOTICES
of the Proposed Rule Change ‘‘non-standard booth’’ generally refers to space on
2. Statutory Basis the trading floor on the Exchange that is set off from
The Exchange is filing with the a trading crowd, which may be rented for whatever
Securities and Exchange Commission The Exchange believes that the support, office, back-office, or any other business-
(‘‘Commission’’) a proposed rule change proposal is consistent with the related activities for which CBOE members may
requirements of Section 6(b) of the Act, choose to use. The Exchange notes that the ‘‘non-
1 15 in general, and Section 6(b)(4) and standard booth’’ at CBOE is similar to the proposed
U.S.C. 78s(b)(1). Trading Floor Booth discussed herein, as the booth
2 17 CFR 240.19b–4. 6(b)(5)of the Act,5 in particular, in that space is a general space on the trading floor. See
3 15 U.S.C. 78s(b)(3)(A)(ii).
Securities Exchange Release No. 78741 (August 31,
4 17 CFR 240.19b–4(f)(2). 5 15 U.S.C. 78f(b)(4) and (5). 2017), 81 FR 61727 (SR–CBOE–2016–063).
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![Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 42201
III. Date of Effectiveness of the printing in the Commission’s Public investment companies and unit
Proposed Rule Change and Timing for Reference Room, 100 F Street NE., investment trusts outside of the same
Commission Action Washington, DC 20549 on official group of investment companies as the
The foregoing rule change has become business days between the hours of Funds (‘‘Funds of Funds’’) to acquire
effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of such shares of the Funds.
19(b)(3)(A)(ii) of the Exchange Act 7 and filing also will be available for APPLICANTS: SL Advisors, LLC (the
Rule 19b–4(f)(2) thereunder,8 because it inspection and copying at the principal ‘‘Initial Adviser’’), a New Jersey limited
establishes or changes a due, or fee. office of the Exchange. All comments liability company that is registered as an
At any time within 60 days of the received will be posted without change; investment adviser under the
filing of the proposed rule change, the the Commission does not edit personal Investment Advisers Act of 1940, ETF
Commission summarily may identifying information from Series Solutions (the ‘‘Trust’’), a
temporarily suspend the rule change if submissions. You should submit only Delaware statutory trust registered
it appears to the Commission that the information that you wish to make under the Act as an open-end
action is necessary or appropriate in the available publicly. All submissions management investment company with
public interest, for the protection of should refer to File Number SR–BOX– multiple series, and Quasar Distributors,
investors, or would otherwise further 2017–29, and should be submitted on or LLC (the ‘‘Distributor’’), a Delaware
the purposes of the Act. If the before September 27, 2017. limited liability company and broker-
Commission takes such action, the For the Commission, by the Division of dealer registered under the Securities
Commission shall institute proceedings Trading and Markets, pursuant to delegated Exchange Act of 1934 (‘‘Exchange Act’’).
to determine whether the proposed rule authority.9 FILING DATES: The application was filed
should be approved or disapproved. Eduardo A. Aleman, on July 20, 2017.
Assistant Secretary. HEARING OR NOTIFICATION OF HEARING:
IV. Solicitation of Comments
[FR Doc. 2017–18800 Filed 9–5–17; 8:45 am] An order granting the requested relief
Interested persons are invited to BILLING CODE 8011–01–P will be issued unless the Commission
submit written data, views, and orders a hearing. Interested persons may
arguments concerning the foregoing, request a hearing by writing to the
including whether the proposed rule SECURITIES AND EXCHANGE Commission’s Secretary and serving
change is consistent with the Act. COMMISSION applicants with a copy of the request,
Comments may be submitted by any of personally or by mail. Hearing requests
the following methods: [Investment Company Act Release No.
32801; 812–14802] should be received by the Commission
Electronic Comments by 5:30 p.m. on September 25, 2017,
SL Advisors, LLC, et al. and should be accompanied by proof of
• Use the Commission’s Internet
service on applicants, in the form of an
comment form (http://www.sec.gov/ August 30, 2017. affidavit, or for lawyers, a certificate of
rules/sro.shtml); or AGENCY: Securities and Exchange
• Send an email to rule-comments@ service. Pursuant to rule 0–5 under the
Commission (‘‘Commission’’). Act, hearing requests should state the
sec.gov. Please include File Number SR– ACTION: Notice.
BOX–2017–29 on the subject line. nature of the writer’s interest, any facts
Notice of an application for an order bearing upon the desirability of a
Paper Comments hearing on the matter, the reason for the
under section 6(c) of the Investment
• Send paper comments in triplicate Company Act of 1940 (the ‘‘Act’’) for an request, and the issues contested.
to Secretary, Securities and Exchange exemption from sections 2(a)(32), Persons who wish to be notified of a
Commission, 100 F Street NE., 5(a)(1), 22(d), and 22(e) of the Act and hearing may request notification by
Washington, DC 20549–1090. rule 22c–1 under the Act, under writing to the Commission’s Secretary.
All submissions should refer to File sections 6(c) and 17(b) of the Act for an ADDRESSES: Brent J. Fields, Secretary,
Number SR–BOX–2017–29. This file exemption from sections 17(a)(1) and Securities and Exchange Commission,
number should be included on the 17(a)(2) of the Act, and under section 100 F Street NE., Washington, DC
subject line if email is used. To help the 12(d)(1)(J) for an exemption from 20549–1090; Applicants: W. John
Commission process and review your sections 12(d)(1)(A) and 12(d)(1)(B) of McGuire, Esq., Morgan, Lewis & Bockius
comments more efficiently, please use the Act. The requested order would LLP, 1111 Pennsylvania Avenue NW.,
only one method. The Commission will permit (a) index-based series of certain Washington, DC 20004–2541 and
post all comments on the Commission’s open-end management investment Michael D. Barolsky, Esq., U.S. Bancorp
Internet Web site (http://www.sec.gov/ companies (‘‘Funds’’) to issue shares Fund Services, LLC, 615 E. Michigan
rules/sro.shtml). Copies of the redeemable in large aggregations only Street, Milwaukee, WI 53202.
submission, all subsequent (‘‘Creation Units’’); (b) secondary market FOR FURTHER INFORMATION CONTACT:
amendments, all written statements transactions in Fund shares to occur at Deepak T. Pai, Senior Counsel, at (202)
with respect to the proposed rule negotiated market prices rather than at 551–6876, or Robert H. Shapiro, Branch
change that are filed with the net asset value (‘‘NAV’’); (c) certain Chief, at (202) 551–6821 (Division of
Commission, and all written Funds to pay redemption proceeds, Investment Management, Chief
communications relating to the under certain circumstances, more than Counsel’s Office).
asabaliauskas on DSKBBXCHB2PROD with NOTICES
proposed rule change between the seven days after the tender of shares for SUPPLEMENTARY INFORMATION: The
Commission and any person, other than redemption; (d) certain affiliated following is a summary of the
those that may be withheld from the persons of a Fund to deposit securities application. The complete application
public in accordance with the into, and receive securities from, the may be obtained via the Commission’s
provisions of 5 U.S.C. 552, will be Fund in connection with the purchase Web site by searching for the file
available for Web site viewing and and redemption of Creation Units; and number, or for an applicant using the
(e) certain registered management Company name box, at http://
7 15 U.S.C. 78s(b)(3)(A)(ii). www.sec.gov/search/search.htm or by
8 17 CFR 240.19b–4(f)(2). 9 17 CFR 200.30–3(a)(12). calling (202) 551–8090.
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Document Created: 2017-09-06 00:56:28
Document Modified: 2017-09-06 00:56:28
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 42200 |
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